Free-Market Mixed-Use Building in Prime Bushwick

Overview

TerraCRG has been retained to represent ownership in the sale of 89 Wyckoff Avenue, a free-market, mixed-use building in the heart of Bushwick. Located between Suydam Street and Hart Street, 89 Wyckoff Avenue provides the opportunity to acquire a two-over-one that is fully leased but presents immediate upside. The bar on the ground floor, Left Hand Path, is a cool local bar that has a long term lease and has built a strong clientele base. The two apartments have been recently renovated but were rented at below market which presents immediate upside. The building benefits from a brand new roof, finished basement and separate heating. The effective gross income is $128,628 with an NOI of ~$112,835. At asking price, the as-is cap rate represents a 5.5% Cap but with an immediate path to a 6% cap rate.